Texas and South America oil business development firm MMEX Resources Corp. on Thursday (30 May) entered into two agreements for the sales and distribution of IMO-compliant marine fuel to various facilities along the Texas Coast.
An unidentified oil major will purchase product from MMEX’s planned Pecos County Crude Distillation Unit refinery while another company will ship, via railroad, the processed material to various facilities for sale, points out Jack W. Hanks, President & CEO of MMEX Resources Corp.
“We are excited to announce we have entered into agreements with two strategic firms to implement our crude oil distillation marketing strategy, one is with a super-major international energy and trading company to purchase our IMO 2020 compliant marine fuel and the other is with an international company to provide logistics to move our future products from West Texas Permian Basin to Texas Gulf Coast markets by rail,” he explains.
“Our strategic partner for Marine Fuel has a call on any expansion and future production, which gives us the incentive to start planning expansion.
“With rail, we can employ many options to move products to multiple points of delivery, increase delivery volumes easily, and it gives us the flexibility to move refined products back to the Pecos County site to ship crude by rail when the economics are favorable.
“All of these are an array of market options not available by pipeline fixed shipping points, destinations and single direction flows. And, most importantly, we will be able to do all of this at the same time to meet market demand.”
MMEX has plans to build a crude oil refinery complex in the Permian Basin in two phases, with Phase 1 being a 10,000 BPD Crude Distillation Unit which is expected to produce diesel, naphtha and residual fuel oil, and Phase 2 being a full-scale crude oil refinery with capacity of up to 100,000 BPD, projected to produce a full slate of refined products.
Published: 6 June, 2019
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